BY SPECIAL CORRESPONDENT
A Chieftain of the All Progressives Congress (APC), Chief Hycienth Ngwu, has urged all well-meaning Nigerians to support passage of the Tax Reform Bill to strengthen the country’s economic recovery and growth.
Ngwu, a former South-East Publicity Secretary of the APC, told newsmen on Thursday in Enugu “the Tax Reform Bill is a major solution to solving our economic issues.”
It would be recalled that the Bill seeks among other things to harmonise and streamline tax payments to remove multiple, indiscriminate and double taxation that the present tax system condones.
According to Ngwu, the steady growth in our Gross Domestic Product (GDP) as announced by National Bureau of Statistics (NBS) will be sustained and made more robust when the real sector of our economy is reactivated through the Bill.
“This can be achieved with the streamlining of the tax system which the ‘Tax Reform Bill’ currently before the National Assembly is meant to achieve when passed and assented to by President Bola Tinubu.
“It has been empirically proven beyond all reasonable doubt that multiple taxation is a bane to real sector growth, particularly the Small and Medium Enterprises (SMEs).
“It is our hope that the tax holidays envisaged in the Tax Reform Bill will boost robust growth in SMEs and this will translate to further increases in the GDP and GDP per capita,” he said.
The APC chieftain also said that other economic enemies that needed urgent solution are the ‘insecurity in our farmlands’ as well as the dilapidated rural roads.
“I must commend the Presidential team on the good work they are bringing to bear on inter-state roads and stable electricity.
“I also appreciate and commend President Tinubu for initiating and pushing ahead the Tax Reform Bill as a visionary and progressive leader,” he added.
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